Deloitte initially said gift vouchers would be rejected at HMV after they were appointed administrators last week.

The decision provoked a public backlash and vouchers will now be honoured after the administrators completed a financial review of the retailer.

Nick Edwards, joint administrator, also confirmed that funds raised by HMV from charity singles will be paid in full.

A Liverpool MP warned last week that £150,000 raised by HMV from the sale of the Hillsborough Justice Collective single, which was number one in the Christmas charts, had yet to be paid to charity funds.

HMV collapsed into administration last week, putting more than 4,000 jobs at risk across the UK. However, hopes are rising that a deal can be struck to rescue the high street retailer, with turnaround group Hilco the front-runner to buy HMV.